Kopran

Long Term EW discussion

A long consolidation in wave 4 or minor wave i and ii of 5 formed as long as we are above 118.50. Holding this level we are still making higher highs and higher lows. The rising channel appears broken but that often happens in wave 4 when it takes time. In fact if prices pick up after a break [called a throw under], then they also may later throw over the top end of the channel in the 5th wave as per EW guidelines.